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August 15, 2014
16:02 EDTESSEssex Property Trust acquires two apartment communities for $208.8M
Essex Property Trust announced the company has purchased two apartment communities for purchase prices totaling $208.8M. Apex Apartments, a 366 unit community located in Milpitas, CA, was purchased for $150M. The property was completed and fully stabilized in 2014. Amenities include a saltwater pool and spa, a fitness center, an outdoor entertainment area with multiple fire pits and BBQs, a movie theater, a Wi-Fi lounge and billiards room, and a demonstration kitchen. Apex is located about one mile from high paying jobs in North San Jose and is near a VTA Rail Station and the Milpitas BART station that is under construction. The property is unencumbered. Avalon Bellevue Park Apartments, a 220 unit community located in Bellevue, WA, was acquired for $58.8M. The property was constructed in 1994 and is located in downtown Bellevue, near employers, shopping, dining, and entertainment options. The company has assumed an existing $21.5M loan with an interest rate of 5.5%. The loan matures in June 2019.
News For ESS From The Last 14 Days
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March 2, 2015
09:39 EDTESSEssex Property Trust upgraded to Overweight from Equalweight at Capital One
February 27, 2015
16:02 EDTESSEssex Property Trust acquires LA apartment community for $200M
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February 25, 2015
16:10 EDTESSEssex Property Trust increases dividend 10.8% to $1.44
Essex Property Trust has approved a 56c per share annualized increase to its regular cash dividend. The Q1 dividend distribution, payable on April 15 to shareholders of record as of March 31, will be $1.44 per share. The declared dividend represents a 10.8% increase over the company's prior quarterly dividend. The Board of Directors has also declared a regular quarterly distribution for its Series H Preferred Stock for Q1 in the amount of 44.531c per share, payable on April 15 to Series H preferred stockholders of record on April 1.

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